Shopify (NYSE:SHOP) Price Target Raised to $99.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price increased by Moffett Nathanson from $86.00 to $99.00 in a research report report published on Tuesday morning,Benzinga reports. The firm currently has a neutral rating on the software maker’s stock.

SHOP has been the topic of several other research reports. Benchmark reissued a “hold” rating on shares of Shopify in a research note on Tuesday, August 6th. Canaccord Genuity Group upped their target price on shares of Shopify from $80.00 to $125.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. JMP Securities lifted their price target on shares of Shopify from $80.00 to $120.00 and gave the company a “market outperform” rating in a report on Wednesday, November 13th. DZ Bank cut shares of Shopify from a “hold” rating to a “sell” rating in a research note on Thursday, November 21st. Finally, Robert W. Baird raised their price objective on Shopify from $90.00 to $126.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. One analyst has rated the stock with a sell rating, seventeen have issued a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $95.84.

Shopify Price Performance

NYSE SHOP opened at $112.54 on Tuesday. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10. The stock has a market capitalization of $145.22 billion, a price-to-earnings ratio of 105.18, a PEG ratio of 2.92 and a beta of 2.36. The business’s fifty day moving average price is $88.42 and its 200-day moving average price is $73.45. Shopify has a 1-year low of $48.56 and a 1-year high of $115.62.

Institutional Investors Weigh In On Shopify

Institutional investors have recently bought and sold shares of the company. Baillie Gifford & Co. boosted its position in shares of Shopify by 14.7% in the 3rd quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock worth $5,078,176,000 after purchasing an additional 8,131,160 shares in the last quarter. FMR LLC raised its stake in Shopify by 16.1% in the third quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock valued at $3,389,637,000 after buying an additional 5,869,795 shares during the last quarter. Mackenzie Financial Corp boosted its stake in Shopify by 49.9% in the 2nd quarter. Mackenzie Financial Corp now owns 6,315,028 shares of the software maker’s stock worth $417,386,000 after purchasing an additional 2,102,939 shares in the last quarter. Clearbridge Investments LLC grew its position in Shopify by 54.2% during the 2nd quarter. Clearbridge Investments LLC now owns 4,714,691 shares of the software maker’s stock worth $311,404,000 after purchasing an additional 1,657,251 shares during the last quarter. Finally, National Bank of Canada FI increased its stake in Shopify by 28.0% during the 3rd quarter. National Bank of Canada FI now owns 7,408,880 shares of the software maker’s stock valued at $593,588,000 after purchasing an additional 1,621,981 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Company Profile

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, Australia, China, and Latin America. The company’s platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, manage cash, payments and transactions, and access financing.